Home prices throughout North Texas are already at record levels, but that hasn’t slowed down the on-going upward trend we’re continuing to see as we get deeper into 2018. In fact, according to a new report out from CoreLogic, DFW home prices still increased slightly faster than the national rate over the early part of 2018, which as you might’ve noticed, is hardly anything new at this point.
Compared to last March, home prices across the country spiked 7 percent overall, and here in the Dallas area, home prices are up 7.5 percent.
Strong buyer demand and limited inventory are still the two primary driving forces behind home price gains, and new construction has remained slower than levels previously seen in years past.
Unfortunately for active home buyers in our region, CoreLogic has already labeled DFW as a market that’s overvalued, along with Las Vegas, Denver, Los Angeles, Miami, New York, Houston, and Washington DC just to name a handful or so.
Even with a 6 percent increase during the first quarter year-over-year, home price gains are starting to slow somewhat, though, thanks to inventory finally starting to get stronger and buyer demand also starting to drop due to increasing mortgage rates.